We use cookies to customise content for your subscription and for analytics.If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.

In related Nortel and Lehman Brothers cases, the Court of Appeal has ruled that financial support directions ("FSDs") and contribution notices ("CNs") issued under the Pensions Act 2004 rank as expenses if they are issued against insolvent targets

HMRC has issued an order providing that the transitional protection of rights to a lump sum exceeding 25 of a member's uncrystallised rights will not be lost where: up to three months passes between entitlement arising to scheme pensions or annuities from the same scheme